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Welcome Back

Welcome Back. Rejoining the BT Pension Scheme In the event of any inconsistency between this presentation and the formal Trust Deed and Rules of the BT Pension Scheme, the Trust Deed and Rules will prevail.

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Welcome Back

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  1. Welcome Back

  2. Rejoining the BT Pension Scheme • In the event of any inconsistency between this presentation and the formal Trust Deed and Rules of the BT Pension Scheme, the Trust Deed and Rules will prevail.

  3. Although the BT Pension Scheme [BTPS]is closed to new entrants some former members of Sections A or B who are transferred to BT under TUPE may beable to rejoin Section B following their reemployment by BT.

  4. Those eligible to rejoin:- • left the BTPS before 1 December 2006 and • have a deferred pension in the BTPS or • have a pension in payment from the BTPS.

  5. Those eligible to rejoin:- • will become members automatically on the first day of re-employment by BT • will have contributions deducted from their first month’s pay • will pay contributions via SMART Pensions.

  6. Contributions for Section B members are:- • 7% of pensionable salary if they earn below the Contribution Earnings Threshold [CET] • 8.5% of pensionable salary if they earn more than the Contribution Earnings Threshold • the CET is currently £46,425 p.a.

  7. Life cover will be provided at the rate of4 times pensionable salary.

  8. For the first three months of membership, those who rejoin the BTPS will have the option of leaving the BT Pension Scheme and joining the BT Retirement Saving Scheme [BTRSS] instead.

  9. On joining the BTRSS:- • Contributions made to the BTPS [including BT’s contributions] will be transferred to the BTRSS • Member contributions to the BTRSS will default to 7% or 8.5% but may subsequently be reduced to 5% or 6% by the member concerned.

  10. Life cover will be provided at the rate of4 times pensionable salary • The member’s accumulated BTRSS fundwill be paid to his dependants on deathin service.

  11. At the end of the first three months:- • The option to switch schemes will lapse • Members who have remained in the BTPS will be provided with their aggregation options • It is not possible to aggregate a pension that is already in payment.

  12. If you decide to aggregate, you will be required to permanently give up your deferred pension from your previous period of membership in exchange for a pensionable service credit that will be added to the actual period of membership you complete after you rejoin Section B.

  13. The pensionable service credit will betreated in all respects as pensionableservice completed after you rejoinedSection B and the benefits you get willbe based on the benefit structure thathas applied to membership of theBT Pension Scheme since 1 April 2009.

  14. In particular, you will have a normal pension age of 65 in respect of all your benefits, and your benefits will be calculated on a career average revalued earnings [CARE] basis.

  15. Once you have aggregated your periods of membership, it will not be possible to reverse that decision.

  16. Information about the BTPS can be found on the BTPS Trustee website at:- www.btpensions.net • Information about the BTRSS can be found on the BTRSS website at:- • www.btretirementsavingscheme.com

  17. Joe Sarfas FPMIPensions Policy Managerjoe.sarfas@bt.comOffice phone number 01962 885791

  18. Question Time

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